Splash Beverage Group Inc. ( (SBEV) ) has released its Q3 earnings. Here is a breakdown of the information Splash Beverage Group Inc. presented to its investors.
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Splash Beverage Group Inc. is a company focused on identifying, acquiring, and building early-stage or undervalued beverage brands with strong growth potential in the U.S. and international markets. The company operates through its division Qplash, which markets well-known beverage brands to both business-to-business and business-to-consumer customers, leveraging e-commerce for direct delivery.
In the latest earnings report, Splash Beverage Group Inc. reported a net revenue of $981,858 for the third quarter of 2024, a significant decrease from $5,144,069 in the same quarter of the previous year. The company also recorded a net loss of $4,719,563 for the quarter, which was slightly lower than the loss of $5,670,081 in the third quarter of 2023.
The company’s current assets saw a decline, with total current assets standing at $3,039,940 as of September 30, 2024, compared to $3,977,248 at the end of 2023. This decrease was primarily due to a reduction in inventory and accounts receivable. On the liabilities side, total liabilities increased to $19,192,363 from $15,504,094, driven by higher accounts payable and accrued expenses, as well as an increase in notes payable.
Despite the financial challenges, Splash Beverage Group has been actively managing its financing activities, raising approximately $7.9 million from the issuance of debt during the first nine months of 2024. The company is focusing on sustaining its operations through additional funding and strategic initiatives to manage its working capital needs.
Looking ahead, Splash Beverage Group management remains focused on implementing strategies to enhance its market presence and improve its financial position, although it faces challenges related to its current financial condition. The management is seeking ways to address these challenges while exploring opportunities for growth and expansion.
